Obamanomics / Krugmanomics = Brain Dead Economics

Imagine if a politician or an economist told you that the solution for the crashing economies of Spain, Iceland, and Great Britain was to increase taxation on those country so that money and resources could be transferred to the currently booming economies Bhutan, Argentina, and India. You’d identify those people as fools, frauds, or crooks.

Say hello to your President — and the pet economist of New York Times owner Pinch Sulzberger.

Because a transfer from the Have Nots to the Haves is what the Obama administration has been doing all year — routing resources and tax dollars away from economically distressed U.S. counties and re-routing those resources and tax dollars into the pockets of Obama’s government-dependent clients. And doing so with the shouting encouragement of crazed leftist economist Paul Krugman, who’s only complaint is that this confiscation and transfer of property from one group of private citizens to another group of government-favored citizens isn’t nearly huge enough.

A December study from George Mason University showed that Democratic districts have received nearly twice as much stimulus money as Republican districts — and the cash has been awarded without regard to how badly an area was suffering from job losses or income problems. Blue districts garnered the majority of the $787 stimulus package, getting an average of $439 million per district to the Republican average of $232 million.

And here’s a graphic:

So how did we get to the point where Academia and America are ruled by brain dead economics? I’ll update some thoughts here later.

Random Quote

The most important player on Ronald Reagan’s economic team is Ronald Reagan. The person most responsible for creating the economic program that came to be known as Reaganomics is Reagan himself. For over twenty years he observed the American economy, read and studied the writings of some of the best economists in the world, including the giants of the free market economy — Ludwig von Mises, Friedrich Hayek and Milton Friedman.— Martin Anderson